MGM Moves Closer to Merger With Sony

Dec 10, 2004  •  Post A Comment

Metro-Goldwyn-Mayer moved a step closer to joining the Sony Pictures Entertainment fold after the U.S. Department of Justice did not submit a request for more information about the planned merger by a Thursday deadline, setting the stage for MGM shareholders to vote on the deal at a special meeting Dec. 17.

MGM in September agreed to merge its assets with an investment consortium comprised of Sony Corp. of America, Providence Equity Partners, Texas Pacific Group, DLJ Merchant Banking Partners and Comcast in a $4.8 billion transaction.

In addition to the MGM shareholder vote, the transaction also awaits clearance by the European Commission.